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Despite Lower Mortgage Rates Mortgage Applications Drop

According to a survey of mortgage lenders that has been released this morning, less people are applying for mortgage loans either to purchase a home or to refinance their existing mortgage loan .

mortgage applications

Mortgage applications to refinance fell 0.8 percent

It has been reported by a weekly survey conducted by the Mortgage Bankers Association reported that mortgage applications to refinance fell 0.8 percent from a week ago in the week that has ended on September 25, while mortgage applications to purchase homes has shown a drop up to 6.2% from the prior week.

30-year mortgage rates finished the week at 4.94%

The weekly survey has reported that at 4.94% 30-year mortgage rates finished the week compared to a 4.97% rate a week earlier. Similarly, at 6.4% the one-year adjustable mortgage finished the week compared to a 6.52% rate a week ago.

Refinance applications comprised 65.3% of all mortgage applications

It has also been reported by the survey  that refinance applications comprised 65.3% of all mortgage applications, while purchase applications accounted for 34.7%. Among all applications adjustable rate mortgage applications accounted for 6.2%, while fixed-rate mortgage applications accounted for 93.8%.

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